Following the closing of the transaction, which is scheduled to be finalized in the third quarter of 2016, Cascade expects to expand lending in the manufactured housing (MH) sector as well as introduce new loan products for purchasers of MH homes in communities and on private land.
Noting Cascade is well-positioned to broaden their base of financing in the MH sector, Todd Kopstein, Senior Managing Director of Centerbridge, said, “We believe that factory built housing provides a compelling option for rural and lower income households, and we are excited about the opportunity to partner with (Cascade).”
Additionally, Champion Home Builders, Inc. of Troy, Michigan is also making an investment in Cascade, along with Centerbridge, and Champion’s CEO Keith Anderson will join Cascade’s Board of Managers. Further, upon the closing of the transaction, Champion will collaborate with Cascade in developing added financing options for purchasing new manufactured homes. ##
(Image credit: housingwire)
